Defining The Luxury Market And The Affluent Society

As a connoisseur of luxury goods, I enjoy and appreciate select manufacturers who painstakingly take the time to design, create and manipulate some of the most exquisite, opulent and one of kind products admired by many, but owned by a select few. In a world where we are free to dream up almost any creation imaginable, there are luxury designer architects anxiously awaiting our phone call to make any fantasy and wildest dream come true. The more unique, intricate and customized, the better and more excited the luxury consumer becomes. “Why?”

As the wealth of consumers continues to increase, luxury goods companies are continuously searching for ingenious creations to provide to their expanding clientele which is younger and more successful than ever before. Many luxury consumers have created enormous wealth for themselves and continuously seek out ways to self indulge by purchasing one of a kind products and indulging in services that others only dream of.

Since luxury consumers work hard to create their wealth, extra special care and creativity is exercised in how it is spent. Luxury consumers enjoy, appreciate and desire the same luxury in as many aspects of their lifestyles and activities as much possible. From the clothes they wear, to watches and accessories, what they drive and elite private exclusive membership clubs, it all must represent their own individual brand image. It’s part of their strategy to continuously market themselves to the very people they try and engage in business with on the golf course or in the boardroom.

Luxury consumers buy luxury products and consume luxury services for their premium quality, personal history with a brand and self- pleasure. Many luxury brands position their products to be highly differentiated in the market amongst competitors by the use of celebrity spokespeople, distinctive packaging and multi-million dollar ad campaigns. Consumers also associate this premium quality with superior materials and colors that ensure product longevity and durability. Quality should ensure longevity when the product is passed on from one generation to another. It should never lose its appeal but should become better with time. Therefore, a higher price is more justifiable because of the outstanding quality and aesthetics that mass-produced goods can’t guarantee.

Consumers prefer to buy products from luxury brands that are considered experts in their field, for example, bags from Hermes, accessories from Gucci, or jewelry from Cartier. Most feel brand names guarantee quality and security that the product will last for a long time. Many consumers buy luxury products because it makes them feel comfortable and fills their life with enjoyment. Luxury goods are consumed either for social recognition, status and positive impression purposes or for hedonic and pleasure seeking purposes. Luxury brands possess emotional values in addition to functionality and provide subjective intangible benefits.

Luxury consumers enjoy the experience of buying products. Therefore, selling luxury and high end products requires a special type of experience that consumers are hoping to engage in. Luxury brands try and create an experience unlike other brands during the purchasing process by inviting customers to interact and engage with the brands they love. Customers enjoy the option of being involved in everything from assisting in the creation of the packaging they like to purchase products in, to interacting with the designers and creators themselves to create their own one of a kind product.

This creates a situation in which luxury consumers are not price sensitive to the cost of fulfilling their needs, but emotionally connected. They are willing and able to spend thousands of dollars to allow themselves to experience the continuous enjoyment of their favorite products, shows, restaurants, hotels and services. Availability and timing are two important factors they consider most before purchases. Luxury customers are willing to pay whatever is needed to secure what they want when they desire it because they enjoy such higher levels of disposable incomes. “Why luxury?” “Why not.”

RSS Trend Live

  • Saturday “Gayle on the Go!”, Saturday, April 20th, 2019 20/04/2019
    Happy Easter and Happy Passover Weekend! There is so much happening today, please take a look at BOTH MY RECORDED REPORT AS WELL AS MY PRINTED REPORT BELOW! WHEW! Enjoy your Saturday! :-) -0-0-0- Today is the start of #NationalParkWeek . All national parks will have free admission TODAY to celebrate the start of National […]
  • Australian Man, Who Spent 12 Years in Prison After Wrongful Conviction, Dies in Hollywood Hit-and-Run Crash 20/04/2019
    Police continued their search Saturday for the driver who kept going on Sunset Boulevard after fatally striking an Australian man who had served more than a decade in prison for a wrongful murder conviction. The crash happened around 1:30 a.m. Thursday, just a couple of blocks away from North La Brea Avenue, according to LAPD. […]
  • Artist Considering Legal Action Against Caltrans After Historic Mural on 110 Freeway in DTLA Is Whitewashed 20/04/2019
    Judy Baca saw the graffiti marring her giant mural of an Olympic runner as little acts of oppression. It was as if the taggers, who spray-painted big bubbly letters over the legs of the female athlete, wanted her to trip and fall on the home stretch. But the Los Angeles artist was shocked when she […]
  • United Methodists Edge Toward Breakup Over LGBT Policies 20/04/2019
    There’s at least one area of agreement among conservative, centrist and liberal leaders in the United Methodist Church: America’s largest mainline Protestant denomination is on a path toward likely breakup over differences on same-sex marriage and ordination of LGBT pastors. The differences have simmered for years, and came to a head in February at a […]
  • DUI Suspect Arrested After Car Slams Into Pole, Bursts Into Flames in Camarillo 20/04/2019
    A person suspected of driving while intoxicated was arrested early Saturday after crashing into a light pole in Camarillo, causing the vehicle to burst into flames, officials said. Ventura County Sheriff’s deputies responded to Ponderosa and Springville drives after a call came in just after 1 a.m., Capt. Eric Buschow told KTLA. A motorist had […]
  • Man Arrested in Killing of 76-Year-Old Found Stabbed, Strangled in Her Arcadia Backyard 20/04/2019
    A man has been detained in the death of a 76-year-old found stabbed, beaten and strangled in her backyard in Arcadia nearly two weeks ago, authorities announced Saturday. Heber Enoc Diaz, 27, of Pasadena, was arrested on suspicion of murder in the killing of Chyong Jen Tsai, according to the Los Angeles County Sheriff’s Department. […]
  • KTLA Weather: Liberte Chan’s Cool Saturday Forecast 20/04/2019
    Cool conditions this weekend with daytime highs in the 60s and 70s.
  • Yellow Vest Anger Burns in France, Fueled by Notre Dame Fire 20/04/2019
    French yellow vest protesters set fires along a march route through Paris on Saturday to drive home their message to a government they see as out of touch with the problems of the poor: that rebuilding the fire-ravaged Notre Dame Cathedral isn’t the only problem France needs to solve. Like the high-visibility vests the protesters […]